LatAm bourse becomes first exchange to join R3 blockchain consortium
Latin American bourse BM&F Bovespa has joined R3’s blockchain partnership.
The move marks the first time an exchange has joined the consortium which involves 60 firms working together to develop distributed ledger technology for financial markets.
São Paulo-based BM&F Bovespa took over rival Cetip earlier this year, creating a giant stock-exchange and clearing operator with operations spanning from Mexico to Chile.
Jochen Mielke de Lima, IT managing director at the group said: “We are pleased to join R3 in the drive to innovate in capital markets. Distributed ledgers hold a promise for process efficiencies and we want to work with our customers to evaluate real use cases.”
David Rutter, chief executive of R3, added: “Distributed and shared ledger technology can transform the way in which financial market infrastructures such as BM&F Bovespa issue, record and transfer assets, enabling transactions and reference data to be visible to all relevant parties on the ledger. This can cut effort and costs dramatically."
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